Thoma Bravo picks up Ping Id for $2.8B in an all-cash deal – TechCrunch


After a troublesome few months within the markets for Ping Id, the enterprise identification administration firm right now introduced a giant transfer: personal fairness agency Thoma Bravo is taking the corporate personal for $2.8 billion.

The information was introduced on the similar time that Ping was posting its Q2 earnings. The corporate posted revenues of $72 million for the quarter, lacking analysts’ expectations.

Ping is traded on the NYSE (it went public pre-pandemic) and Thoma Bravo shall be paying $28.50 per share in an all-cash transaction, which is 63% over Ping Id’s closing share worth on August 2, 2022, the corporate stated.

“This compelling transaction is a testomony to Ping Id’s main enterprise identification options, our gifted workforce, and our excellent clients and companions,” stated Andre Durand, Ping Id’s CEO, in an announcement. “Id safety and frictionless person experiences have grow to be important within the digital-first economic system and Ping Id is healthier positioned than ever to capitalize on the rising demand from trendy enterprises for sturdy safety options. We’re happy to accomplice with Thoma Bravo, which has a powerful observe report of investing in high-growth cloud software program safety companies and supporting firms with initiatives to turbocharge innovation and open new markets.”

Thoma Bravo has been one of many group of PE companies that has been aggressively scooping up tech firms which have been struggling within the public markets, or discovering it a problem to scale and lift cash, or go public provided that how tight the IPO market is correct now. Different main enterprise IT offers it’s been concerned in have included shopping for SailPoint for $6.9 billion and Anaplan for $10.7 billion.

Id administration stays a very popular space on this planet of enterprise IT, given the rising variety of cyber assaults and breaches that began by hackers maliciously getting into networks by credential stuffing and different techniques that leverage weaknesses in log-in procedures.

“A tectonic shift is happening in clever identification options for the enterprise,” stated Seth Boro, a Managing Accomplice at Thoma Bravo, in an announcement. “Ping Id’s distinctive capabilities and robust place in enterprise identification safety make it an ideal platform to ship buyer outcomes, increase into new use instances and help digital transformations. We’re extremely impressed with the gifted Ping Id workforce and sit up for working collaboratively within the years to come back.”

The board of Ping has unanimously accredited the deal, the 2 companies stated. The deal, pending regulatory and different approvals, is predicted to shut in This fall.

Extra to come back.

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